FinTech: Assets, A New Product From Wise, Lets You Spend From Your Stocks Portfolio

September 21, 2021 | FinTech, News

Wise is a UK fintech. Users can invest money in global stocks and then spend from the portfolio if required.

Wise (LON: WISE), the UK payments fintech previously known as TransferWise, has taken its first steps into investing solutions. Its Assets product allows users to invest in stocks but also have access to liquidity via a spending limit of up to 97% of the value of the portfolio. (CNBC)

How it works

Wise customers can now invest in the 1,557 global stocks represented in BlackRock’s iShares World Equity Index Fund. The fund holds the biggest listed companies in the world, including Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), and Alphabet (NASDAQ: GOOGL).

Using their Wise debit card, customers can immediately spend up to 97% of their portfolio for emergent needs. They thus have the best of both worlds – stocks exposure as well as liquidity. They can also send money abroad in various currencies from the Assets account.

The company holds a 3% reserve on the portfolio to protect against large fluctuations that could land the customer’s account in minus territory. Customers pay an annualized 0.55% service fee and a 0.15% fund fee on the value of a user’s assets, which is taken monthly in arrears.

“Holding money in various currencies can be hard to manage efficiently,” said Kristo Käärmann, CEO and co-founder to CNBC. “Assets is seeking to solve that problem, by providing an opportunity for customers to earn a return on their money with us, in a host of different currencies, all in one place.”

Wise obtained the green signal from UK regulators last year to launch investment products.

The Assets product launched into a huge surge in retail investors’ interest in the stock market.

Related Story: Money Transfer App Wise Gets $11B Valuation In London Direct Listing

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Russian Energy Firms Seek Go-Ahead To Use Flared Gas For Mining Crypto
October 22, 2021     Digital Assets, ESG and Sustainability, News

Russia’s crypto mining industry is in expansion mode after China’s clampdown on its crypto miners. Also wanting to join the party are Russian oil and gas companies that flare, or…
Artificial Intelligence: Rossum, The Document AI Company, Raises $100M
October 22, 2021     Artificial Intelligence, News, Venture Capital

Rossum offers an end-to-end AI document processing solution that combines its cognitive data capture platform with a full suite of integration capabilities to automate document-based communications between diverse businesses. The…
Alternative Investments/ESG: New York Life Floats ETFs For Gender Equality, Clean Oceans, Cleaner Transport

The three thematic ETFs meet investor demand for ESG approaches. IndexIQ, the New York Life Investments company, announced Wednesday the launch of three new ETFs. The IQ Engender Equality ETF…
FinTech: Wells Fargo Invests $10M In Cloud Payments Provider Volante
October 21, 2021     FinTech, News, Venture Capital

Volante Capital, a provider of cloud payment services and financial messaging, announced Wednesday an investment of $10 million by Wells Fargo Strategic Capital. Wells Fargo joins Wavecrest Growth Partners, BNY…